Marketing chapter 6
3 categories of segmentation-targeting position process
1. segmentation, 2. targeting, 3. positioning
4 types of market segmentation
geographic, demographic, psychographic and behavioural
geographic segmentation
divide market into separate geographic units
demographic segmentation
groups based on: gender, age, race, etc.
psychographic segmentation
how consumers describe themselves (self-values...)
geodemographic segmentation
how consumer describe themselves using a combination of geographic, demographic, and lifestyle characteristics
how do you choose your target market?
a SWOT analysis
4 target strategies
mass or undifferentiated, differentiated, concentrated, micromarketing one-to-one
what is undifferentiated/ mass
product or service is same for everybody
what is differentiated targeting
target several markets with a different thing for each
what is concentrated (niche) targeting
company selects one single target market
what is micro marketing
product or service suits individual customers wants or needs
positioning methods
value, product attributes, benefits and symbolism, competition, market leadership
what is repositioning
companies change target markets